New Delhi, Aug 13 - The Confederation of Indian Industry (CII) has come up with a five-point agenda to counteract the effect of delayed monsoon on the economic growth.

In a statement issued here Thursday, the industry lobby urged the government to effectively implement water and price management, provide weather insurance and strengthen procurement capacity among other suggestions.

'Even if there is some catching up in the rainfall in the remaining season of the monsoon, it would still leave the kharif crop adversely impacted due to late harvesting,' Rakesh Bharti Mittal, chairman of CII National Council on Agriculture, said in the statement.

The impact could also be felt on high value-added agricultural sectors such as horticulture and live stocks, he added. 'Export earnings may, therefore, witness a decrease.'

CII further urged the government to complete all irrigation projects on time and promote 'drip irrigation' to conserve water.